Apparently "The Company You Keep" doesnt keep you. Notice how they targeted accounting people besides IT people. So much for accounting careers.

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"But the Toys “R” Us layoffs — and others underway now at the New York Life Insurance Company and other businesses — go further. They are examples of how global outsourcing companies are using temporary visas to bring in foreign workers who do not appear to have exceptional skills — according to interviews with a dozen current or former employees of Toys “R” Us and New York Life — to help ship out jobs, mainly to India."

"William Werfelman, a vice president and spokesman at New York Life, said the outsourcing was part of a transformation of its technology systems that would soon result in more jobs in the United States. “Our decisions are centered on keeping the company competitive, keeping it in the United States, keeping it growing,” he said."

"The layoffs at New York Life were set in motion in 2014 when the company announced a $1 billion plan for an ambitious upgrade of its financial and data technology systems.

Since New York Life is not a technology company, said Mr. Werfelman, the spokesman, it turned to outside contractors for the upgrade. The company plans to cut about 300 positions, including up to one-fifth of its 1,400 technology workers, as well as some financial accountants. With 9,000 staff employees and 12,000 agents nationwide, New York Life is the largest mutual life insurer in the United States.

“We know there will be pain along the way,” Mr. Werfelman said. But he said that with new innovative technology, the company could rapidly expand despite the job cuts. He said it planned to hire 1,000 employees and 3,500 agents this year alone.

Accountants at New York Life were among the first scheduled for layoffs that started in May, under a contract with Accenture. The company’s accountants found out only by accident — when Accenture managers in India mistakenly sent out a group email with a full outsourcing plan — that the Indian workers they had been training for several weeks would be taking their jobs back to India.

One accountant said a worker from India made an exact digital “recording” during the day as he performed his job. At the close of business, the recording was transmitted to India, where workers practiced mimicking his tasks.

“It’s all just repeating exactly what we have been doing,” he said.

As a condition of his severance, he was asked to stay on for nine months to complete the training. The accountant, who at 26 was confident he would find a job elsewhere, preferred to resign.

An Accenture spokesman, James E. McAvoy, said it was assisting New York Life to build new global, 24-hour systems. He said H-1B workers were a small part of the Accenture employees involved; most were United States citizens or residents.

In July, about 100 New York Life technology workers were informed their jobs would be taken over by TCS, to be moved to India. At the insurer’s verdant campus in Sleepy Hollow, N.Y., and at offices in New York City, New Jersey and Georgia, tech employees began receiving individual layoff notices last week.

“After 30 years, it is very, very disappointing being told you are going to lose your job to a foreign country,” said one technology team member who is 49, and started with New York Life when he was 18.

Many tech workers facing layoffs are older, with years at the insurer. They were galled by executives’ statements that they were less qualified to learn the new systems than the foreign workers replacing them. “There are a lot of new technologies coming in all the time,” said an applications engineer in New York, who is 58 with 18 years at the company. “There is no reason at all we can’t do training for that.”

Some workers were not as dismayed, saying the company was offering generous severance packages.

But a hard irony for many of the New York Life employees losing jobs to immigrants is that they are immigrants themselves. They came to the United States a generation ago from the Philippines, Eastern European countries, and even India and raised families in this country. They followed the immigration rules — some coming as refugees, others with work visas and computer degrees from their home countries. Most became American citizens.

One technology manager, an immigrant from Europe, recalled that when he was hired at the insurer. “There was an open position that had to be filled,” he said. “Nobody lost their job because I got my job.”"

My great grandfather worked at the Boston, MA office of New York Life from 1890 to 1936, working his way up from clerk to regional manager over New England and the Maritime provinces of Canada. He was an immigrant from Scotland. Over the years, various family members worked at NY Life in Boston and New York. The stories I have heard about him make me think he would be okay with making profit for the company. However, I don't think he would care much for the morale killing way that it is being accomplished these days. He was all about being supportive of the workforce. Glad my mother did not live to see this happen.

I was there for almost 5 years, they laid me off 6 months before I vested in their pension. They contribute to your pension on day 1 when you start working there. They clawed back 5 years of pension contributions as I was not vested and it was perfectly legal. In the 2nd or 3rd year I was there they restructured their pension into 3 tiers based on how long you were with the company. People with over 10 years got tier 1 which was the original pension, people with less than 10 and more than 5 got tier 2 which was reduced pension and people like me were tier 3 - they reduced our pension by a huge amount.